Deal to give Chinese companies majority of Saab owner Spyker

A second Chinese deal will bring Saab's infusion of needed cash to 245 million euros ($351 million) and put a total of 53.9% of Saab owner Spyker cars in Chinese hands.

Saab said today that Zhejiang Youngman Lotus will pay 136 million euros for a 29.9% share of Spyker and joint ventures to make and distribute Saabs in China. And Saab's earlier Chinese partner, Pang Da, will raise its investment to 109 million euros to keep its 24% stake.

Spyker's original deal last month with Pang Da, a distributor of several foreign car brands in China, was for 65 million euros. That allowed Saab production to briefly restart after being shut down since April 6, but the line closed again last week due to continuing supplier issues.

Youngman CEO Pang Qingnian told the AP he'd been talking with Saab for a while about a deal to make cars in China. "We feel that Saab as a premium European brand appeals strongly to the taste and preferences of the Chinese customer."

The deal includes a manufacturing joint venture owned 45% by Saab, 45% by Youngman and 10% by Pang Da, and a sales venture that is 33% Saab, 33% Youngman and 34% Pang Da. The deals still need approval from Swedish, European and Chinese officials.

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About Chris Woodyard

Chris Woodyard is an auto writer for USA TODAY who covers all aspects of motoring. He revels in the exhaust note of a Maserati and the sharp creases of a Cadillac CTS. Chris strives to live a Porsche life on a Scion budget. More about Chris